Senate confirms Mnuchin for Treasury

The Senate on Monday night confirmed Steven Mnuchin as treasury secretary in a 53-47 vote, filling a crucial gap in President Donald Trump's economic team.

Sen. Joe Manchin was the only Democrat to vote in Mnuchin's favor, following sustained efforts by progressive groups to brand the nominee as the "Foreclosure King" for his tenure at OneWest Bank.

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In his new position, Mnuchin — a onetime hedge fund CEO, banker and Hollywood producer — will shape policies on taxes, financial regulation and the economy. He is the third former Goldman executive to lead Treasury in recent decades following Robert Rubin and Henry Paulson.

Trump has empowered Mnuchin to immediately play a key role in financial regulatory reform by directing the treasury secretary to confer with other top regulators and report back on potential changes within four months.

Mnuchin will do so in his role as chairman of the Financial Stability Oversight Council, the industry's uber-regulator, which is tasked with coordinating oversight across agencies.

The treasury secretary wields tremendous power and influence over markets and the economy, overseeing the collection of all federal taxes and managing government revenue.

The department will likely play a major role in helping to design and push through Congress an overhaul of both the corporate and individual tax code as well as implementing what could be a very large infrastructure spending plan.